Just a final follow up here.
I did buy a new regulator from Jim Carter. Priced my local NAPA, but they wanted twice as much.
With the new regulator, all is well. At full run, it will kick out about 7.35 volts, at rest it stays about 6.5. By the way, the gas gauge is fine!!! I was really scared about that one, but no real harm done. I'd still not recommend trying something so dumb without desperation.
Thanks again everyone!
